Administrative fine provisions

(1) A person commits an administrative offence who
1. contravenes an enforceable order under section 40(1) or (3), first sentence, section 113(3), section 119(5), section 128(4), section 147(5), or section 153(5),
2. grants a loan or enters into an obligation named there, contrary to section 20(8),
3. takes up a loan contrary to section 112(2), third sentence, sections 199, 221(6), section 263(1), or section 284(4), first sentence,
4. contravenes an enforceable order under section 215(2), first sentence, second half-sentence, or second sentence, in each case also in conjunction with section 263(2) or section 274, first sentence, or
5. contravenes an enforceable order under section 276(2), second sentence.
(2) A person commits an administrative offence who, intentionally or negligently,
1. contravenes an enforceable order under
a) section 5(6), second sentence,
b) section 11(4), first or second sentence, or (6),
c) section 19(2), second sentence, or (3), first sentence, in each case also in conjunction with section 108(3),
d) section 41, first or second sentence, or section 42,
e) section 311(1) or (3), first sentence, point 1, or
f) section 314(1) or (2), 1a. contravenes an enforceable order under section 5(8a),
2. fails to provide information, or provides it incorrectly, incompletely, or not in good time, or fails to submit a document, or submits it incorrectly, incompletely, or not in good time, contrary to section 14(1) in conjunction with section 44(1), first sentence, of the Banking Act, also in conjunction with section 44b(1), first sentence, of the Banking Act, also in conjunction with section 44b(1), third sentence, of the Banking Act,
3. fails to tolerate a measure contrary to section 14(2), fifth sentence, (3), tenth sentence, or (4), third sentence,
4. fails to make a notification, or makes it incorrectly, incompletely, or not in good time, contrary to section 19(1), first and second sentence, or (5),
5. fails to comply with a rule of conduct named there, contrary to section 26(1) and (2), also in conjunction with a statutory order under subsection (8),
6. fails to take a measure named there for dealing with conflicts of interest, contrary to section 27(1) and (2), also in conjunction with a statutory order under subsection (6),
7. fails to satisfy a requirement named there for proper business organisation, contrary to section 28(1), first and second sentence, also in conjunction with a statutory order under subsection (4),
8. fails to keep a file, or keeps it incorrectly or incompletely, or fails to ensure that the Federal Institute can retrieve data by automated means at any time, contrary to section 28(1), fourth sentence, also in conjunction with a statutory order under subsection (4), section 51(8), section 54(4), first sentence, in conjunction with section 28(1), fourth sentence, or section 66(4), first sentence, in conjunction with section 28(1), fourth sentence, in each case in conjunction with section 24c(1), first or fifth sentence, of the Banking Act,
9. fails to satisfy a requirement named there for an adequate risk management system, contrary to section 29(2), first sentence, also in conjunction with a statutory order under subsection (6),
10. fails to make a notification, or makes it incorrectly, incompletely, or not in good time, contrary to section 34(3), (4), or (5), first sentence,
11. fails to submit information, or submits it incorrectly, incompletely, or not in good time, contrary to section 35(1), second sentence, or (2), in each case in conjunction with Article 110(1), second subparagraph, first sentence, of Delegated Regulation (EU) No 231/2013 as in force on 18 October 2023,
12. fails to submit a document or an annual report named there, or submits it incorrectly, incompletely, or not in good time, contrary to section 35(3), also in conjunction with (6), or contrary to section 35(7), 12a. fails to make available information named there, or makes it available incorrectly, incompletely, or not in good time, contrary to section 35(4), first sentence, in conjunction with Article 110(5) of Delegated Regulation (EU) No 231/2013 as in force on 18 October 2023, 12b. fails to inform the Federal Institute, or informs it incorrectly, incompletely, or not in good time, contrary to section 35(4a), first sentence, 12c. contravenes an enforceable order under section 35(5), first sentence,
13. fails to make a notification, or makes it incorrectly, incompletely, or not in good time, contrary to section 36(2), first sentence, or section 44(3), 13a. outsources or sub-outsources portfolio management or risk management, contrary to section 36(3), also in conjunction with section 36(7), 13b. transfers a task or a service or ancillary service, contrary to section 36(5), 13c. fails to list a task or a service or ancillary service correctly or completely, contrary to section 36(9), 13d. fails to submit a report named there, or submits it incorrectly, incompletely, or not in good time, contrary to section 38(1), second sentence, in conjunction with section 26(1), first or third sentence, of the Banking Act, contrary to section 121(3), fourth sentence, also in conjunction with section 148(1), first sentence, or contrary to section 136(3), fourth sentence, also in conjunction with section 159, second sentence,
14. has obtained the licence of a capital management company under section 39(3), point 1, on the basis of false statements or by other unlawful means,
15. fails to inform the Federal Institute, or informs it incorrectly, incompletely, or not in good time, contrary to section 44(1), first sentence, point 4, in conjunction with Article 110(1), second subparagraph, first sentence, of Delegated Regulation (EU) No 231/2013 as in force on 18 October 2023, 15a. fails to transmit a report named there, or transmits it incorrectly, incompletely, or not in good time, contrary to section 45a(5) or section 123(5),
16. fails to make a notification, or makes it incorrectly, incompletely, not in the prescribed manner, or not in good time, contrary to
a) section 49(1), first sentence, also in conjunction with subsection (5) or a statutory order under subsection (8),
b) section 49(4), first sentence, also in conjunction with a statutory order under subsection (8), or
c) section 49(6), fourth sentence,
17. fails to make a statement named there, or makes it incorrectly, incompletely, not in the prescribed manner, or not in good time, contrary to section 53(1), also in conjunction with subsection (2),
18. commences the management of an EU AIF contrary to section 53(4), second sentence,
19. fails to make a notification, or makes it incorrectly, incompletely, not in the prescribed manner, or not in good time, contrary to section 53(5),
20. manages an EU AIF contrary to section 65(1),
21. establishes a branch contrary to section 65(2),
22. commences the management of an EU AIF contrary to section 65(4), second sentence,
23. fails to make a notification, or makes it incorrectly, incompletely, not in the prescribed manner, or not in good time, contrary to section 65(5),
24. fails to draw up an annual report, an annual financial statement, a management report, a half-yearly financial report, a dissolution report, or a winding-up report, or fails to prepare it correctly, completely, in the prescribed manner, or in good time, contrary to
a) section 67(1), first sentence, an annual report,
b) section 101(1), first sentence, sections 103, 104(1), first sentence, or section 105(1) or (2), in each case also in conjunction with a statutory order under section 106, first sentence, an annual report, a half-yearly report, an interim report, a dissolution report, or a winding-up report,
c) section 120(1), second sentence, in conjunction with a statutory order under subsection (8), in each case also in conjunction with section 122(1), first sentence, or (2) or section 148(1) or (2), second sentence, in each case also in conjunction with section 291(1), point 2, an annual financial statement, a management report, a half-yearly financial report, a dissolution report, or a winding-up report, or
d) section 135(1), also in conjunction with a statutory order under subsection (11), first sentence, in each case also in conjunction with section 158, also in conjunction with section 291(1), point 2, an annual report,
25. reuses an asset named there, contrary to section 70(5) or section 85(3),
26. issues a unit or share without full payment of the issue price, contrary to section 71(1), second sentence, or fails to ensure that all payments have been made on the subscription of units, contrary to section 83(6), first sentence,
27. fails to safe-keep an asset in accordance with the requirements named there, contrary to section 72(1), point 1 or point 2, or section 81(1), point 1 or point 2,
28. fails to regularly transmit a comprehensive statement of all assets of the domestic UCITS, contrary to section 72(1), point 3,
29. fails to book amounts owed to a domestic UCITS in the manner named there, contrary to section 74(1), books the funds of the domestic investment fund in a cash account that does not satisfy a requirement named there, contrary to section 74(3) or section 83(6), second and third sentence, or fails to properly monitor a payment flow, contrary to section 83(6), first sentence,
30. fails to ensure a requirement named there, contrary to section 76(1) or section 83(1), or fails to carry out an instruction, contrary to section 76(2),
31. fails to publish an annual report, a half-yearly report, a dissolution report, or a winding-up report, or an annual financial statement, a management report, or a half-yearly report, or fails to publish it correctly, completely, in the prescribed manner, or in good time, contrary to section 107(1) or (2) or section 123(1) or (2),
32. fails to make available a report named there, or fails to make it available correctly, completely, or in good time, contrary to section 107(3), second sentence,
33. conducts the business of an externally managed UCITS investment stock corporation without a licence under section 113(1), first sentence,
34. has obtained the licence of an externally managed UCITS investment stock corporation under section 113(2), first sentence, point 1, on the basis of false statements or by other unlawful means,
35. fails to make a notification, or makes it incorrectly, incompletely, or not in good time, contrary to section 114, first sentence, section 130, first sentence, section 145, first sentence, or contrary to section 155, first sentence,
36. attaches the investment conditions to the sales prospectus, contrary to section 163(2), eighth sentence, also in conjunction with section 267(2), second sentence,
37. fails to make the investment conditions available to the public, or fails to make them available correctly or completely, contrary to section 163(2), ninth sentence,
38. fails to draw up a sales prospectus named there, or fails to draw it up correctly or completely, or fails to make it available to the public, or fails to make it available correctly or completely, contrary to section 164(1), first sentence, or contrary to sections 165 and 166,
39. makes a sales prospectus named there available to the public, contrary to section 164(1), second sentence,
40. fails to submit a sales prospectus named there, or an amendment to a sales prospectus named there, to the Federal Institute, or fails to submit it correctly, completely, or in good time, contrary to section 164(4), first sentence, or contrary to section 164(5), or fails to make a sales prospectus named there available to the Federal Institute, or fails to make it available correctly, completely, or in good time, contrary to section 164(4), second sentence,
41. fails to publish an issue or redemption price or the net asset value, or fails to publish it correctly or in good time, contrary to section 170, second sentence,
42. invests less than 85 per cent of the value of the feeder fund in units of a master fund, contrary to section 174(1), first sentence, or section 272c(1), first sentence,
43. invests in a master fund, contrary to section 174(1), second sentence, or section 272c(1), second sentence,
44. commences a winding-up, contrary to section 178(1),
45. fails to make a communication, or makes it incorrectly, incompletely, or not in good time, or fails to inform an investor, or informs them incorrectly, incompletely, not in the manner provided, or not in good time, contrary to section 178(5), first sentence, or section 179(6), first sentence,
46. fails to make available information named there, or fails to make it available correctly, completely, in the prescribed manner, or in good time, contrary to section 180(1), first or second sentence, or (2), first sentence,
47. transmits merger information, contrary to section 186(2), first sentence, also in conjunction with section 191(1) or (2),
48. fails to submit merger information to the Federal Institute, or fails to submit it correctly, completely, in the prescribed manner, or in good time, contrary to section 186(4), first sentence, also in conjunction with section 191(1) or (2),
49. acquires an asset or invests in an asset named there, contrary to
a) sections 192, 193(1), sections 194, 196(1), section 210(1), first or fourth sentence, (2), or (3), section 219(1) or (2), section 221(1), or section 225(2), second sentence, or
b) section 231(1), section 234, first sentence, section 239, or section 261(1),
50. holds an asset or amount named there, contrary to sections 195, 234, first sentence, or section 253(1), first sentence,
51. charges a front-end load or a redemption charge, contrary to section 196(2),
52. invests in a derivative, carries out a transaction named there, or fails to satisfy a requirement or duty named there, contrary to section 197(1), also in conjunction with a statutory order under subsection (3), or section 261(3),
53. fails to ensure that the market risk potential does not more than double, contrary to section 197(2), also in conjunction with a statutory order under subsection (3), first sentence, point 1,
54. invests more than a percentage named there of the value in an asset named there, contrary to sections 198, 206(1) or (2), also in conjunction with sections 208, 206(3), first sentence, or (4), sections 207, 209, 219(5), section 221(3) or (4), section 222(2), second sentence, or section 225(2), first sentence, or (4), first sentence,
55. transfers a security, contrary to section 200(1), first sentence, or (2), first sentence, also in conjunction with section 204(1) or (2) or a statutory order under subsection (3),
56. grants a loan, contrary to section 200(1), third sentence, first half-sentence, also in conjunction with section 204(1) or (2) or a statutory order under subsection (3), or section 240(1),
57. fails to make a notification, or makes it incorrectly, incompletely, or not in good time, contrary to section 200(4), also in conjunction with section 204(1) or (2) or a statutory order under subsection (3),
58. concludes a repurchase transaction, contrary to section 203, first sentence, also in conjunction with section 204(1) or (2) or a statutory order under subsection (3),
59. carries out a short sale, contrary to
a) section 205, first sentence, also in conjunction with section 218, second sentence, section 220, or section 284(1),
b) section 225(1), third sentence,
c) section 265, first sentence, or
d) section 276(1), first sentence,
60. fails to ensure that the aggregate value of the debt securities does not exceed 80 per cent of the value of the domestic UCITS, contrary to section 206(3), second sentence,
61. contravenes a safeguard duty named there, contrary to a provision of section 206(5), first sentence, also in conjunction with section 206(5), second sentence, or section 221(5), first sentence,
62. invests in an asset named there in excess of an investment limit named there, contrary to section 210(1), first or fourth sentence, (2), or (3),
63. fails to pursue compliance with the investment limits as a priority objective, contrary to section 211(2),
64. acquires an asset named there, contrary to section 222(1), fourth sentence,
65. carries out leverage, contrary to section 225(1), third sentence,
66. sells a forward foreign exchange contract, contrary to section 225(2), second sentence,
67. invests in a target fund named there, contrary to section 225(4), second or third sentence, in each case also in conjunction with section 221(2),
68. fails to ensure that information named there is available, contrary to section 225(5),
69. fails to ensure that an asset is subject to a currency risk only to the extent named there, contrary to section 233(2) or section 261(4),
70. disposes of an asset, contrary to section 239(2), point 2,
71. fails to ensure that the sum of the loans does not exceed a percentage named there, contrary to section 240(2),
72. fails to ensure that the disposal restriction named there is entered in the land register or a register named there, contrary to section 264(1), first sentence,
73. fails to draw up a sales prospectus named there, or fails to draw it up correctly or completely, or fails to make a sales prospectus named there available to the public, or fails to make it available correctly or completely, contrary to section 268(1), first or second sentence,
74. invests in an asset named there, contrary to section 282(2), first sentence,
75. invests in an asset named there, contrary to section 285,
76. fails to give a notice, provide information, or make a communication, or fails to do so correctly, completely, or in good time, contrary to section 289(1), (2), or (5),
77. fails to submit information or a particular named there, or fails to submit it correctly, completely, or in good time, contrary to section 290(1) or (5), 77a. markets a unit, contrary to section 295a(2), 77b. carries out pre-marketing, contrary to section 295a(3), section 306b(6), first sentence, or section 331a(5), 77c. uses a document, contrary to section 295a(5), fifth sentence, 77d. fails to make available a document, particular, or information named there, or fails to make it available correctly, completely, or in good time, contrary to section 295b(1), first sentence, (2), first sentence, or (3), first sentence,
78. fails to make available a document named there free of charge, or fails to make it available in paper form, contrary to section 297(1), also in conjunction with (5), first sentence,
79. fails to ensure that information does not contradict investor information named there, contrary to section 302(2), first sentence, 79a. fails to ensure that marketing communications satisfy a requirement named there, contrary to section 302(2), second, third, or fourth sentence, or (3), 79b. fails to provide a facility named there, or fails to provide it correctly, completely, or in good time, contrary to section 306a(1), 79c. fails to ensure that investors do not acquire units or shares, or acquire them only within the scope of the marketing named there, contrary to section 306b(2), first sentence, 79d. fails to make a communication, or makes it incorrectly, incompletely, or not in good time, contrary to section 306b(3), first sentence, or (4), first sentence,
80. (repealed)
81. fails to make a notification, or makes it incorrectly, incompletely, or not in good time, contrary to section 312(1),
82. offers or places a unit, contrary to section 331a(2), or
83. fails to make information available, or fails to make it available in good time, contrary to section 331a(6), first sentence.
(3) A person commits an administrative offence who, acting for a capital management company, infringes Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 302, 17.11.2009, p. 1), as last amended by Regulation (EU) No 462/2013 (OJ L 146, 31.5.2013, p. 1), by intentionally or recklessly
1. using a rating, contrary to Article 4(1), first subparagraph,
2. failing to ensure that the capital management company carries out its own credit risk assessments, contrary to Article 5a(1),
3. failing to properly place a mandate, contrary to Article 8c(1), or
4. failing to ensure that the mandated rating agencies satisfy the requirements named there, contrary to Article 8c(2).
(4) A person commits an administrative offence who infringes Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (OJ L 115, 25.4.2013, p. 1), by intentionally or negligently
1. failing to ensure that, on the acquisition of assets other than qualifying investments, no more than 30 per cent of the aggregate capital contributions and uncalled committed capital of the qualifying venture capital fund are used for the acquisition of such assets, contrary to Article 5(1), first sentence,
2. applying a method named there at the level of the qualifying venture capital fund, contrary to Article 5(2),
3. taking up loans, issuing debt instruments, or providing guarantees at the level of the qualifying venture capital fund, contrary to Article 5(3),
4. marketing a unit named there, contrary to Article 6(1),
5. failing to submit an annual report to the Federal Institute, or failing to submit it correctly, completely, or in good time, contrary to Article 12(1), first subparagraph, first sentence, in conjunction with the second, third, or fourth sentence, or contrary to subsection (1), second subparagraph, second sentence,
6. failing to inform investors, or informing them incorrectly, incompletely, not in the prescribed manner, or not in good time, contrary to Article 13(1), or failing to inform the competent authority, or informing it incorrectly, incompletely, not in the prescribed manner, or not in good time, contrary to Article 15, or
7. using the designation "EuVECA" without registration under Article 14(1) in conjunction with Article 14(2).
(5) A person commits an administrative offence who infringes Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds (OJ L 115, 25.4.2013, p. 18), by intentionally or negligently
1. failing to ensure that, on the acquisition of assets other than qualifying investments, no more than 30 per cent of the aggregate capital contributions and uncalled committed capital of the qualifying social entrepreneurship fund are used for the acquisition of such assets, contrary to Article 5(1), first sentence,
2. applying a method named there at the level of the qualifying social entrepreneurship fund, contrary to Article 5(2),
3. taking up loans, issuing debt instruments, or providing guarantees at the level of the qualifying social entrepreneurship fund, contrary to Article 5(3),
4. marketing a unit named there, contrary to Article 6(1),
5. failing to submit an annual report to the Federal Institute, or failing to submit it correctly, completely, in the prescribed manner, or in good time, contrary to Article 13(1), first sentence, in conjunction with the second, third, or fourth sentence, or in conjunction with subsection (2), or contrary to subsection (1), sixth sentence, in conjunction with subsection (2),
6. failing to inform investors, or informing them incorrectly, incompletely, not in the prescribed manner, or not in good time, contrary to Article 14(1), or failing to inform the competent authority, or informing it incorrectly, incompletely, not in the prescribed manner, or not in good time, contrary to Article 16, or
7. using the designation "EuSEF" without registration under Article 15(1) in conjunction with Article 15(2).
(6) A person commits an administrative offence who infringes Regulation (EU) 2015/760, by intentionally or negligently
1. investing in another eligible investment asset, contrary to Article 9(1),
2. carrying out a transaction named there, contrary to Article 9(2),
3. failing to invest at least 70 per cent of its capital within the meaning of Article 2, point 7, in an eligible investment asset, contrary to Article 13(1) in conjunction with Article 17,
4. infringing a diversification requirement named there, having regard to Article 14, contrary to Article 13(2) to (6),
5. taking up a cash loan, contrary to Article 16,
6. failing to inform the Federal Institute in good time, contrary to Article 21,
7. failing to publish a prospectus, or failing to publish it correctly, completely, or in the prescribed manner, contrary to Article 23(1) to (4), Article 24(2) to (5), and Article 25(1) and (2),
8. failing to publish an annual report correctly, completely, or in the prescribed manner, contrary to Article 23(5),
9. failing to make available the information named there, or failing to make it available correctly, completely, or in the prescribed manner, contrary to Article 23(6),
10. failing to transmit a prospectus or an amendment, or failing to transmit it correctly, completely, or in good time, contrary to Article 24(1),
11. marketing a unit to a retail investor, contrary to Articles 28 and 30,
12. reusing an asset, contrary to Article 29(5),
13. using the designation "ELTIF" or "European long-term investment fund" without authorisation under Articles 4 and 5.
(6a) A person commits an administrative offence who infringes Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (OJ L 352, 9.12.2014, p. 1, L 358, 13.12.2014, p. 50), by intentionally or recklessly
1. failing to draw up or publish a key information document, or failing to do so correctly, completely, in good time, or in the prescribed manner, contrary to
a) Article 5(1),
b) Article 5(1) in conjunction with Article 6,
c) Article 5(1) in conjunction with Article 7(2),
d) Article 5(1) in conjunction with Article 8(1) to (3),
2. failing to draw up or translate a key information document in the prescribed manner, contrary to Article 5(1) in conjunction with Article 7(1),
3. failing to review a key information document, or failing to do so in good time, contrary to Article 10(1), first sentence,
4. failing to revise a key information document, or failing to do so completely, contrary to Article 10(1), first sentence,
5. failing to make a key information document available, or failing to do so in good time, contrary to Article 10(1), second sentence,
6. making statements in marketing materials that contradict the information in the key information document or downgrade its significance, contrary to Article 9, first sentence,
7. failing to include the necessary notices in marketing materials, or failing to include them correctly or completely, contrary to Article 9, second sentence,
8. failing to make a key information document available, or failing to do so in good time or in the prescribed manner, contrary to Article 13(1), (3), and (4) or Article 14,
9. failing to provide, or failing to provide correctly or in the prescribed manner, suitable procedures and arrangements for the submission and handling of complaints, contrary to Article 19, letters a and b,
10. failing to provide, or failing to provide correctly or in the prescribed manner, suitable procedures and arrangements ensuring that retail investors have access to effective redress procedures in the event of cross-border disputes, contrary to Article 19, letter c.
(6b) A person commits an administrative offence who infringes Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (OJ L 169, 30.6.2017, p. 8), by intentionally or negligently
1. using the designation "money market fund" without authorisation under Article 6(1),
2. investing in an asset or carrying out a transaction named there, contrary to Article 9(1) or (2),
3. contravening a provision of Article 17(1), (3), (4), (5), or (6), first sentence, Article 18(1), Article 24(1), or Article 25(1), first sentence, or (3), on a requirement named there concerning portfolio composition,
4. contravening a provision of Article 19(2) or (4) on a safeguard duty named there,
5. contravening a provision of Articles 21, 26, second sentence, Article 31(4), Article 32(4), Article 33(2), third subparagraph, Article 34(1) or (2), second sentence, or Article 36(1), (2), (4), or (5) on a requirement named there concerning transparency or documentation,
6. contravening a provision of Article 23(1), first subparagraph, (2), (3), or (4), Article 27, or Article 28(3) or (4) on a requirement named there concerning management or administration,
7. contravening a provision of Article 29(1) to (4) or (5), Article 30(3) in conjunction with (1) or (2), Article 31(3) in conjunction with (1) or (2), or Article 32(3) in conjunction with (1) or (2) on a requirement named there concerning valuation, or
8. externally supporting a money market fund, contrary to Article 35(1).
(6c) A person commits an administrative offence who, intentionally or negligently,
1. obtains authorisation as a money market fund under Article 4(1) to (3) of Regulation (EU) 2017/1131 on the basis of an incorrect statement or particular,
2. values an asset of an LVNAV money market fund using the amortised cost method where that asset has a residual maturity of more than 75 days, or where the price of that asset calculated under Article 29(2), (3), and (4) of Regulation (EU) 2017/1131 deviates by more than ten basis points from the price of that asset calculated under Article 29(7), first subparagraph, of Regulation (EU) 2017/1131, or
3. uses, as a money market fund manager, a document for marketing purposes that does not contain, or does not correctly or completely contain, the notices named in Article 36(3) of Regulation (EU) 2017/1131.
(6d) A person commits an administrative offence who, within the scope of this Act, selects assets contrary to Article 6(2), first sentence, of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).
(6e) A person commits an administrative offence who, within the scope of this Act, infringes Regulation (EU) 2017/2402, by intentionally or negligently
1. failing to hold an interest named there, contrary to Article 6(1), first sentence,
2. failing to make available information, or failing to make it available correctly, completely, in the prescribed manner, or in good time, contrary to Article 7(1), first to fourth or fifth subparagraph,
3. applying another criterion or procedure, contrary to Article 9(1), first or second sentence,
4. using a designation named there, contrary to Article 18, first sentence, or
5. failing to inform the European Securities and Markets Authority, or failing to inform it correctly, completely, or in good time, or failing to notify the Federal Institute, or failing to notify it correctly, completely, or in good time, contrary to Article 27(4).
(6f) A person commits an administrative offence who, within the scope of this Act, intentionally or negligently,
1. fails to ensure that it has an effective system under Article 9(1), third sentence, of Regulation (EU) 2017/2402,
2. securitises an exposure named in Article 9(3) of Regulation (EU) 2017/2402 without having carried out a review named there, or
3. makes a report under Article 27(1), first, second, or third subparagraph, second sentence, of Regulation (EU) 2017/2402 with misleading content.
(6g) A person commits an administrative offence who infringes Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014 (OJ L 188, 12.7.2019, p. 55), by intentionally or negligently
1. contravening a provision of Article 4(1), first half-sentence, (2), first or second sentence, in each case also in conjunction with (5), or Article 4(4), on a safeguard duty named there for marketing communications,
2. failing to ensure that information is clear and not misleading, contrary to Article 4(1), second half-sentence, or
3. failing, as a person responsible for the use of marketing communications within the meaning of Article 4, to ensure that the particulars named in Article 4(3) are included.
(6h) Section 56(5e) and (6), points 1 and 3, of the Banking Act applies correspondingly to persons within the scope of this Act.
(7) The administrative offence may be sanctioned as follows:
1. in the cases of subsection (1), points 1, 4, and 5, subsection (2), points 1, 3 to 7, 9, 10, 13, 14, 25 to 30, 33 to 35, 76, 77, 81, subsection (6b), point 8, subsection (6c), point 1, and subsections (6d) to (6f), and, in the case of a repeated commission of one of the acts listed in subsection (1), points 2 and 3, or in subsection (2), points 13a, 15a, 24, 31, 32, 37, 38, 40, 41, 49 to 63, 65, 72, 73, 78, 79, and 80, with a fine of up to five million euros; against a legal person or an association of persons, a fine of up to 10 per cent of total annual turnover may be imposed in addition to this amount;
2. in the cases of subsection (1), points 2 and 3, subsection (2), points 1a, 2, 8, 11, 12, 15 to 24, 31, 37, 38, 40, 41, 43 to 46, 49 to 62, 63 to 67, 70 to 73, 78, and 80, subsection (4), points 3, 4, and 7, subsection (5), points 3, 4, and 7, subsection (6), points 5, 11, and 13, subsection (6b), points 1, 5, and 7, and subsection (6c), points 2 and 3, with a fine of up to one million euros; against a legal person or an association of persons, a fine of up to 2 per cent of total annual turnover may be imposed in addition to this amount; 2a. in the cases of subsection (6a), with a fine of up to seven hundred thousand euros; against a legal person or an association of persons, a fine of up to the higher of five million euros or 3 per cent of total annual turnover may be imposed in addition to this amount;
3. in the remaining cases of subsections (2) to (6), (6b), and (6g), with a fine of up to two hundred thousand euros. In addition to the amounts named in the first sentence, the administrative offence may be sanctioned with a fine of up to twice the economic benefit derived from the infringement. The economic benefit also comprises avoided economic disadvantages, and may be estimated.
(8) For the purposes of subsection (7), total turnover is
1. in the case of credit institutions, payment institutions, and financial services institutions, the total amount resulting from the national law applicable to the institution in line with Article 27, points 1, 3, 4, 6, and 7, or Article 28, points B1, B2, B3, B4, and B7, of Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (OJ L 372, 31.12.1986, p. 1), less value added tax and other taxes levied directly on those revenues,
2. in the case of insurance undertakings, the total amount resulting from the national law applicable to the insurance undertaking in line with Article 63 of Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings (OJ L 374, 31.12.1991, p. 7), less value added tax and other taxes levied directly on those revenues,
3. in other cases, the amount of net turnover revenue in accordance with the national law applicable to the undertaking in line with Article 2, point 5, of Directive 2013/34/EU. Where the legal person or association of persons is a parent undertaking or a subsidiary, the relevant total amount in the consolidated financial statements of the parent undertaking prepared for the largest group of undertakings is decisive instead of the total turnover of the legal person or association of persons. Where the consolidated financial statements for the largest group of undertakings are not prepared under the provisions named in the first sentence, total turnover is to be determined in accordance with the items of the consolidated financial statements comparable to those named in the first sentence. The annual or consolidated financial statements for the financial year immediately preceding the authority's decision are decisive. Where these are not available, the annual or consolidated financial statements for the immediately preceding financial year are decisive. Where these are also not available, total turnover for the financial year immediately preceding the authority's decision may be estimated.
(9) Section 17(2) of the Administrative Offences Act does not apply to infringements of requirements and prohibitions in connection with UCITS referred to in subsection (7), point 1. Section 30 of the Administrative Offences Act also applies to legal persons or associations of persons operating domestically through a branch or by way of cross-border provision of services. The limitation period for the prosecution of the administrative offences under subsections (1) to (6) is three years.
(10) The administrative authority within the meaning of section 36(1), point 1, of the Administrative Offences Act is the Federal Institute.